CHATTANOOGA, Tenn., March 23, 2022 – Astec Industries (NASDAQ: ASTE) announces entering into a definitive agreement to acquire MINDS Automation Group Inc. (MINDS), a leader in plant automation control systems and cloud-based data management in the asphalt industry. MINDS, headquartered in British Columbia, Canada, has locations in the U.S., United Kingdom, France, and Belgium. The company develops user-friendly, advanced, customizable plant automation control systems for drum, batch, combo/hybrid hot mix plants, emulsion plants, liquid terminals, silo load-out, ticketing and data management for the asphalt industry.
“MINDS technology complements our existing offerings for asphalt production joining Astec Controls and Grathwol Automation as we build out a digital platform across our Rock to Road value chain of products.,” said Barry Ruffalo, President and CEO Astec Industries. "Our combined business will provide the knowledge and resources to further invest in industry leading innovations that drive value for customers."
MINDS Inc. CEO Pierre Vidaillac and the leadership team will stay with Astec to support the advancement of our automation and controls technology and our overall Rock to Road™ digital platform.
"We are excited to join Astec. We are a good fit with the company and its products and services," said Pierre Vidaillac,” CEO of MINDS. “Astec built its business applying state-of-the-art technology to the industry. They have a reputation for innovation, and we are looking forward to contributing to their growth and long-term success."
Astec's acquisition of MINDS is consistent with the company's Purpose – Built to Connect, OneASTEC business model and growth strategy. The company is taking advantage of its strong balance sheet to complete the acquisition and invest in its long-term profitable growth.